Do you think cash should be accepted as a form of payment?
"In my growing experience and coming from a younger generation, I rarely carry or use cash. I mostly use a debit or credit card. We debated this topic while I was earning my associates' degree, and our class was divided on this topic. I know of a few restaurants in New York that have moved to a cashless policy but feel this is more of an isolated case. I believe this scenario is a slow trend that we will be seeing it happening more and more. Cash-heavy businesses are an easy target for robbers, and e-transactions are an easy target for hacking and have higher fees for business, so there are two sides of the coin in this debate. I also see cryptocurrency transactions increasing, because of the meager fees involved."
I have worked in 3 different industries; manufacturing, restaurant, and banking. I do not see banks moving to a cashless option any time soon. I do know that many small restaurants are moving to a cashless option, due to the growing concern of having to deposit the cash. This is a risk. All the manufacturing plants I worked in, I had implemented the policy of no petty cash and not cash payments. For one of the business, I implemented a policy of not taking credit cards, either. I did this because each sales invoice was an average sale of 8500 and we were having too many customers dispute the charges. The only forms of acceptable payments were ACH and Wire. Moving to a cashless option is slowing happening.
There are some industries where cash payments are not accepted and other sectors, such as retail and food where cash payments are welcome. Your response is going to depend on the company and the industry with which you are interviewing. Either way, try to respond in a way that does not single out a particular payment type.
"From what I have read in the news recently, some countries are trying to become a cashless society, such as Sweden, where this is a hot-button topic at the moment. For myself, I love to have cash available, and I will use it when paying for food or other quick transactions. Larger purchases; however, are tracked much better when there is a trail associated with a credit card or cheque based transaction. I have worked in 3 different industries; manufacturing, restaurant, and banking. I do not see banks moving to a cashless option any time soon. I do know that many small restaurants are moving to a cashless option, due to the growing concern of having to deposit the cash. In my opinion, this is a risk. Moving to a cashless option is slowing happening, but all industries will not embrace it."
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